The Jackson Hole schedule was released last night, announcing Norges Bank Governor Ida Wolden Bache and Bank of Brazil Governor Roberto Campos Neto will join ECB Board Member Philip Lane on the Saturday overview panel. Both Wolden Bache and Campos Neto have recently had to put a heavy emphasis on exchange rate fluctuations when discussing policy transmission. Wolden Bache has pushed back on some efforts to encourage Norges Bank to control the exchange rate more tightly, and argued FX flexibility is essential for a small, open economy. Krone depreciation features prominently in the Bank’s NEMO model, and is a key reason why they have pledged to hold rates steady. Norges has also shown some concern over how differences in housing market structures can impact monetary policy transmission. And recently they revised their estimate of the neutral rate slightly higher, with an emphasis on global factors. Campos Neto also recently discussed structural factors contributing to a high neutral rate in Brazil in a panel discussion at Sintra, many of which have been exacerbated since Covid including subsidized credit, the debt trajectory, and changes in productivity. Panelists typically give brief speeches at the start of the panel before the broader discussion begins.
Chair Powell will deliver his speech on the economic outlook at 10:00am ET, available via webcast. BoE Governor Bailey will be giving the luncheon address at 3:00pm ET. Text of the papers and speeches will be posted to the website at the time each event is scheduled to begin.
Various Fed speakers will also be giving interviews throughout the day—see the table below for a compilation of what has been announced so far, times may not be exact.
